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| May 3, 2007 |
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Overview: IBM's Plan to Provide Financial Planning and Retirement Advice for All Its Employees
Excerpt: "IBM's newly minted personal finance and education benefit program for its 127,000 employees, 'IBM MoneySmart,' heralds the beginning of the type of program retirement finance professionals believe will increasingly become the norm in corporate America." (Investment Advisor)
Mission Retirement - A Retirement Planning Video
AARP has produced a retirement planning video series, Mission Retirement to teach Americans the importance of saving. (AARP)
Financial Literacy & Education Commission Needs More Progress to Ensure Effective National Strategy (PDF)
21 pages. Excerpt: "In its report, GAO recommended that the Commission (1) incorporate additional elements into the national strategy to help measure results and ensure accountability, (2) conduct usability tests of and measure customer satisfaction with its Web site, (3) provide for an independent reviewer to evaluate duplication and effectiveness of federal activities, and (4) expand upon current efforts to cultivate sustainable partnerships with nonprofit and private entities." (U.S. Government Accountability Office)
Employers and Older Workers: CRR Survey Data
Excerpt: "To get a better understanding of the employment prospects of older workers, the Center . . . has conducted two surveys of 400 private-sector for-profit and non-profit employers. . . . [The surveys are 'Employer Views on Worker Retirement Preparedness and 'Work Expectations and Employer Attitudes towards Older Workers.' The following is available for both surveys: Questionnaire & Results; Code Book and Raw Data; and an Issue in Brief.]" (Center for Retirement Research at Boston College)
Illinois Senate Discusses Underfunding of State Workers' Pensions
Excerpt: "Gov. Rod Blagojevich proposed a plan for bolstering the state's pension system in his March 2007 budget address that involved leasing out the Illinois Lottery for $10 billion, refinancing the pension system debt by issuing $16 billion in pension obligation bonds, and obtaining additional funding through passage of a controversial $6 billion tax on business gross revenues called the Tax Fairness Plan." (Inside Illinois)
Delta Bankrup.tcy Recovery Deal Nice for Retired Pilots
Excerpt: "Delta emerged on Monday from Chapter 11 protection, where it had spent the past 19 months. Terms of the bankrup.tcy deal call for Delta to pay retired pilots an estimated 65 cents for every dollar owed by their supplemental retirement plan, and an estimated 85 cents for a qualified plan, said Miller & Martin partner G. Dean Booth." (Daily Report)
Working Paper: Behavioral Obstacles to the Annuity Market
Excerpt: "This study applies the lessons of behavioral finance to understand how well-documented anomalies in decision-making under risk may affect the annuity purchase decision. We demonstrate how mental accounting 'where an annuity is evaluated as a gamble distinct from the retirement spending and investment plan' can be a powerful reason for the unpopularity of annuities." (Pension Research Council; registration required to download full-text of paper)
Working Paper: Efficient Annuitization: Optimal Strategies for Hedging Mortality Risk
Excerpt: "Two common explanations for the dearth of voluntary annuitization are bequest motives and liquidity demand . . . . Whenever costs prevent full annuitization, we demonstrate that efficient annuity allocations concentrate annuity-funded consumption late in life. This implies traditional immediate payout annuities are inefficient relative to recently introduced 'delayed payout annuities' which have survival-contingent payments beginning years after purchase." (Pension Research Council; registration required to download full-text of paper)
Senator Renews Push to Reduce Burden of Pension Offset on Social Security Benefits
Excerpt: "A bill reintroduced Tuesday in the Senate aims to scale back a pension offset that reduces Social Security benefits for some federal retirees." (GovExec.com)
Trucker Huss April 2007 Benefits Report (PDF)
7 pages. This issue includes articles on Public Safety Employees and the Pension Protection Act of 2006 and New Developments Regarding 'Investment Advice Arrangements' under the Pension Protection Act. (Trucker Huss)
The April 2007 GRS Insight on Benefit Issues (PDF)
6 pages. This issue covers the New ADEA Cash Balance Rules and Governmental Plans; the Congressional Reintroduction of Bills to Repeal the Social Security GPO and WEP; and, the New IRS Determination Letter and Plan Amendment Procedures. (Gabriel Roeder Smith & Company)
UK Pensions Update, April 2007
Excerpt: "This newsletter summarizes key regulatory and legal developments in the UK Pensions sector. The April 2007 issue includes information on the Pensions Regulator's new e-learning module, the new PPF regulations and the Auditing Practices Board's revised guidance." (Baker & McKenzie)
Occupational Pension Schemes Could Be Required to Provide Immediate Vesting for Members Over Age 25
Excerpt: "The Employment Committee of the European Parliament met on 20 March 2007 and passed certain amendments to the draft Directive, the effect of which would be a requirement for immediate vesting of pension rights, from age 25. Because this would have a significant impact on UK schemes, we are hopeful that this will not emerge as a final requirement in any Directive." (Watson Wyatt Worldwide)
UK Finance Bill Proposes Changes for Alternatively Secured Pensions and Personal Term Assurance
Excerpt: "The Government is to tighten the rules relating to ASPs. There will, for the first time, be a requirement to provide a minimum level of annual income (55 per cent of the basis amount), although an easement will apply in relation to members of DC arrangements who cannot be traced on reaching age 75." (Watson Wyatt Worldwide)
Hewitt Federal Legislation Quick Guide Updated as of May 1, 2007, for Retirement Plans (PDF)
5 pages. This Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding retirement plans. (Hewitt Associates)
Changing Progressivity as a Means of Risk Protection in Investment-Based Social Security
Excerpt: "This paper analyzes changes in the progressivity of the Social Security benefit formula as a means of lessening the risk inherent in investment-based Social Security reform." (National Bureau of Economic Research; paid subscription or individual purchase required to retrieve full-text)
Small Businesses: A Tough Road to Retirement - Eighth Annual Transamerica Retirement Survey (PDF)
35 pages. Excerpt: "The Eighth Annual Transamerica Retirement Survey reveals that saving for retirement is a tougher challenge for workers at small companies than workers at large companies." (Transamerica Retirement Services)
Links to Items on Executive Comp, Benefits in General
Overview of 409A Application to Stock Rights
Excerpt: "In this article, we will discuss the impact of 409A on stock rights with a focus on the clarification provided by the final regulations. As these rules related to the impact of 409A on stock rights are highly technical with regard to the underlying stock, this article assumes that the reader has a good working knowledge of stock and stock rights." (CCA Strategies)
Overview: Stock Rights Under Final Section 409A Regulations
Excerpt: "This Client Alert focuses on how these final regulations impact stock rights (e.g., nonstatutory stock options (NSOs) and stock appreciation rights (SARs))." (Wilson Sonsini Goodrich & Rosati)
Overview: Separation Pay Arrangements under the Final Section 409A Regulations
Excerpt: "Employers should perform the following action items within the next several months: Inventory all arrangements that provide for separation pay. Review all such separation pay arrangements to determine whether they are subject to Section 409A and amend them as necessary . . . . With respect to informal separation pay arrangements, determine to what extent they must now be formalized in a plan or in agreements. . . ." (Wilson Sonsini Goodrich & Rosati)
Crafting Executive Total Compensation Brings Challenges
Excerpt: "New attitudes on corporate governance and executive rewards mean some HR professionals managing total compensation programs for executives are expanding their roles." (Employee Benefit News)
Opinion: Insuring the Employee's Risk for His Retirement and Health Insurance
Excerpt: "Where are the new insurance products (protection for employee's medical 'HSA-Gap'? Employees' 401(k) inflation protection?) designed to absorb and mutualize the employees' cost of these risks? Why not provide that kind of insurance to employees, but through employers, on a group basis purchasable by employees through their own § 125 cafeteria?" (Pension & Benefits Blog)
Overview of the Semi-Annual ERISA Regulation Agenda (PDF)
3 pages. Excerpt: "Twice annually, the U.S. Department of Labor (DOL) publishes a regulatory agenda of its ERISA guidance projects. The most recent agenda, published in the Federal Register on April 30, 2007, is of particular interest because it reflects DOL's status and expectations for numerous regulation projects arising under the Pension Protection Act (indicated below by 'PPA'), as well as with respect to service provider fee disclosure, participant contributions and other matters." (Sutherland Asbill & Brennan LLP)
Hewitt Federal Legislation Quick Guide for May 1, 2007, on Human Resources & Employment Law (PDF)
11 pages. This Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding human resources and employment law. (Hewitt Associates)
Newly Posted Events
DC-2 Webcourse Now Available from ASPPA
Nationwide on May 1, 2007
presented by American Society of Pension Professionals & Actuaries (ASPPA)
Plan Designs 2007
in Illinois on June 25, 2007
presented by PLANSPONSOR
Preparing for GASB 45: Live Web Seminars for Governmental Employers
Nationwide on May 16, 2007
presented by Hay Group
ROTH: Now It's Really Final
Nationwide on May 24, 2007
presented by SunGard Relius
Newly Posted Press Releases
High Deductible Dental Plan Introduced; Expected to Save Colorado Employers Up to 40% in Dental Benefits Costs
Ben-e-lect
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Retirement Plan Writer
for The Capital Group Companies
in CA
Enrolled Actuary
for Midtown Manhattan Consulting Firm
in NY
401k Plan Technician/Analyst
for YHB Retirement Services LLC
in CT
Benefits Analyst for Retirement Plans
for Saks Fifth Avenue
in NY
Customer Service Supervisor (Health Claims)
for Zenith Administrators
in CA
Compliance Specialist
for MassMutual Financial Group
in MA
Account Manager
for MassMutual Financial Group
in MA
401(k) Compliance Consultant
for Pinnacle Financial Services, Inc.
in FL
Pension Manager
for UFCW-Employers Benefit Plans of Northern California
in CA
401(k) Administrator
for Martin, Martin, Randall & Associates, Inc.
in AL, MS
Director, Corporate Counsel
for Prudential Financial
in NJ
Retirement Plan Coordinator
for The Capital Group Companies
in VA
Pension Administrator
for The Pension Company
in FL
Defined Contribution Plan Administrator
for Pension Plan Professionals, Inc.
in FL
Director, Corporate Counsel
for Prudential Financial
in NJ
Director of Pension
for UFCW-Employers Benefit Plans of Northern California
in CA
Senior 401(k) Administrator
for Rapidly Growing Daily Valuation Recordkeeper
in PA
401(k) Administrator
for West Pension Solutions, LLC
in MD
Client Service Pension Administrator
for San Diego Pension Consultants, Inc.
in CA
Sr. Pension & Savings Plan Specialist
for Kohler Co.
in WI
Handy Links:
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- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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